Varonis Systems Inc. (NASDAQ: VRNS) announced that its board of directors has authorized a share repurchase program allowing the company to buy back up to $150 million of its common stock over the next 12 months.

The data security company said it can repurchase shares through open market purchases, privately-negotiated transactions, or other methods in accordance with federal securities laws, including through Rule 10b5-1 trading plans and under Rule 10b-18 of the Exchange Act.

The number of shares to be purchased and timing of purchases will depend on Varonis' trading windows, available liquidity, and general business and market conditions, according to the company's statement.

Varonis operates a cloud-native data security platform that discovers and classifies data, removes exposures, and detects threats. The company serves customers across software-as-a-service, infrastructure-as-a-service, and hybrid cloud environments.